Estate planning is very important to many people’s lives, but it can be very confusing to someone not well educated on the entire process. Fortunately, there are professionals and resources out there to further explain this complicated legal process. These resources can be found on the internet or can be learned from estate lawyers if you prefer the more human approach.
The speaker in this video discusses the basics of estate planning so the viewer can better understand the intricacies that come along with it. The most important information to know is that the full process is set up to provide security to the individual who needs the services. It sets up your estate, assets, and money to be distributed as you wish among your friends and family at the time of your passing. While not a fun topic, it’s paramount there is a plan in place.
Without a plan, your assets will get stuck in bureaucracy and cause unnecessary suffering to your loved ones. It could take weeks or even months to decide what happens to your wealth, and a large portion of it will be taken by the government for their own purposes.
It’s recommended to set up your plan well before your elder years to ease the stress from the people you care about the most.
